CEO of Tesla and the world’s richest person, Elon Musk, saw his net worth plummet by $15 billion on Monday following a sharp decline in Tesla’s stock price.
Tesla shares dropped nearly 7% after Musk announced the formation of a new political party, the “America Party,” intensifying his public feud with President Donald Trump.
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The stock slide erased approximately $68 billion from Tesla’s market capitalization in a single day, marking one of the company’s steepest single-day losses this year.
Investors expressed growing concerns over Musk’s increasing political involvement, which some analysts argue is distracting him from Tesla’s core business operations.
“Wall Street is growing tired of Musk’s political antics,” said Neil Wilson, a strategist at Saxo Markets, noting fears of further cuts to U.S. government EV subsidies amid the Musk-Trump rift.
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Elon still remains the world’s wealthiest individual with an estimated net worth of $378.8 billion as of Monday evening, per Forbes.